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'Big Short' investor Michael Burry did a lot of buying during the market sell-off

CNBC logo CNBC 5/22/2020 Maggie Fitzgerald
Michael Burry wearing a suit and tie: Michael Burry attends the © Provided by CNBC Michael Burry attends the

Investor Michael Burry of "The Big Short" fame was very active during the coronavirus sell-off, loading up on names beaten down by the pandemic throughout the first quarter, according to filings.

Burry, among the few investors to call and profit from the subprime mortgage crisis, made a big bet on one restaurant chain and a handful of retailers, as they spiraled from covid-19 shutdowns. 

Scion was busy during the worst first quarter in history, adding new positions in Facebook, Boeing, Discovery, The Michaels Companies and Las Vegas Sands, according to SEC filings. 

Burry's largest bet was on fast-food restaurant chain Jack in the Box, adding 300,000 shares in Q1. 

Burry also added to its existing positions; however, filings show Scion didn't trim any stock holdings during the market rout. 

 Take a look at Burry's top ten holdings at Scion:

The firm's top holdings include fast-food restaurant chain Jack in the Box and social media giant Facebook. 

Shares of Jack in the Box have rallied nearly 300% off their 52-week low in March as the government mandated quarantine forces Americans to avoid sit-down restaurants and move to take out and drive-through. 

Social media giant Facebook is also a top holding. All three major averages have joined the marker comeback, but the technology-heavy Nasdaq Composite is in the green for the year, lead by the so-called FANG stocks. Facebook shares are up 13% year-to-date. 

Scion bought retailers Michaels Companies and Tailored Brands during the market sell-off. Retail is one of the hardest hit industries from the coronavirus. Stores are forced to close their doors with no way to make revenue and large rents to pay. 

Semiconductor stock Qorvo is also a top holding. Qorvo's chips drive wireless and broadband communication, making it an attractive stock for the work-from-home trend. 

Burry also has large positions in Discovery and Maxar Technologies. 

Las Vegas Sands and Boeing, also beaten down due to the coronavirus, are in Scion's top holdings. 

Shares of Las Vegas Sands are down nearly 30% this year; however, analysts on Wall Street expect demand for casinos to return when the covid-19 is a thing of the past. 

Similarly, Boeing's stock has cratered nearly 60% this year, as the aircraft maker sees an evaporation of demand. Customers have cancelled more than 5,000 planes in 2020. 

Burry manages about $340 million at Scion Asset Management.  Burry was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name.

Related video: NYT's Jim Stewart on investing off the lows


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